By using Software AG’s framework, the company claims that organisations in Singapore are equipped with the capabilities needed to fulfill the obligations imposed on them as processors of personal data. This includes the means to create a detailed record of processing activities, providing transparency into data, processes and applications in the context of GDPR.
In less than a year, starting from May 25, 2018, the European Union (EU) GDPR regulation will mandate that all companies and institutions are legally bound to rules aimed at protecting personal data and for upholding the data privacy rights of individuals residing in the EU.
“Considering that Singapore is EU’s largest trading partner in ASEAN, it is paramount that businesses in the city-state ensure that they are prepared to be in compliance with the GDPR. Non-compliance can potentially result in local businesses facing unnecessary penalties and being forced by regulation to erase data from their database, which could then potentially put them out of business,” said Mike Saxton, Senior Vice President, Software AG, Asia Pacific & Japan.
According to a global study by Veritas, 56% of respondents in Singapore, compared with 37% in the US and over 60% in Japan and South Korea fear they will be unable to meet the regulatory deadline. This is despite Singapore having their own equivalent of the GDPR in the form of Singapore’s Personal Data Protection Act (PDPA). The act states that companies can only retain personal data if it is still being used for the purpose of which the data was collected, but must be deleted once data is no longer needed for that particular purpose.
The new framework would enable firms to establish a governance, risk and compliance (GRC) framework to internally communicate guidelines and procedures for GDPR compliance, as well as monitor adherence to these, and to continue on a program of digital business and IT transformation while complying with GDPR.
“With a product portfolio addressing business process analysis, enterprise architecture management, IT planning and GRC (governance, risk management and compliance), we are in a strong position to support companies in building an effective, sustainable GDPR practice while continuing with their digital business initiatives,” said Michiel Jorna, Global Industry Director for Digital Risk, Software AG.
For large, EU-based and multi-national enterprises in any industry, GDPR carries huge consequences. Yet Gartner states, “By the end of 2018, over 50% of companies affected by the GDPR will not be in full compliance with its requirements.”
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